Thomas and Frederick Elghanayan

In the intervening half-century, the Elghanayans have amassed a portfolio of residential and commercial real estate across New York City, and have developed millions of square feet of commercial space and apartments in Long Island City alone, with many more projects in development.

In 2019, TF Cornerstone ventured outside its home markets of New York and Washington, D.C.,  with a $40 million acquisition in Philadelphia. The firm purchased the 435,000-square-foot retail portion of the historic Wanamaker Building, which is currently occupied by Macy’s.

In Brooklyn, the company is getting ready to break ground on its mega-development in Pacific Park, where it will build 800 apartments at 615 and 595 Dean Street. In addition, Chelsea Piers will open a 103,000-square-foot fieldhouse and fitness center at the project.

In Long Island City, the company is progressing at two large development sites. One is along Newton Creek, at a former Budweiser bottling plant, where the firm considered pursuing a rezoning, bus is now pursuing an as-of-right residential project. The other is a 28-acre site, once part of the proposed Amazon HQ2 site, where TF Cornerstone is working with other developers on a comprehensive development plan, and plans to build office space alongside a school and public space. In addition, construction at the firm’s twin-towered residential project in Hunter’s Point South is progressing after a short break due to the pandemic.

As to what the pandemic means for the future, Senior Vice President Jake Elghanayan said  it could bring about a reset, especially in retail. “Some behavior will come back to place-based retail,” he said. “As landlords get used to this new normal, they’ll lower the rents. I hope there’s value for people to open up smaller retail businesses.”—C.G.